The State Industries Promotion Corporation of Tamil Nadu has floated a special purpose vehicle for developing Madurai-Thoothukudi Industrial Corridor project, Finance Minister O Panneerselvam said today.

SIPCOT is in the process of developing land bank for the project, Panneerselvam said while presenting the budget for 2016-17.
The Madurai-Thoothukudi Industrial Corridor Project will help bring investments of about Rs 25,000 crore and generate employment for 1 lakh people, he said.

On the special purpose vehicle — Madurai-Thoothukudi Industrial Corridor Development Corporation — he said, “It has been formed to implement the project and was expedited for land acquisition.”